Forming An Opportunity Belief

Forming An Opportunity Belief



· Your beginning point.



I believe there is a need for housing in Panama City after the devastation of the hurricane.



· Describe your belief.



The unmet need is the housing crisis since Hurricane Michael. The people with this need are the people that suffered severe damage from the Hurricane. This need came from a natural disaster. People are currently living in damaged homes, tents and Fema trailers without the resources to either fix their property or move. I am very sure this need exists.



· Identify the prototypical customer.



The customer could be the person that experienced property damage due to Hurricane Michael in the Panama City area.



· Iteration No. 1:



I spoke with three prototypical customers that had experienced damage on the property they were living in due to Hurricane Michael that gave me feedback on their current situation.



The first person I spoke with had property damage to the property they own. They did not have any insurance and Fema only covered a small portion of the damages. They want to sell their property but do not have the funds available to make the repairs. At this time, they are considering selling the property as it is and not making a profit from the sell which may enable them to move. However, they are finding the rates on properties that are not damaged may be beyond their budget. They are exploring other options to see if there is a line of credit they could utilize to make the repairs and still be able to make a profit enough to afford another home. They are very unsure and unsatisfied with what the solution is.



The second person I spoke with also experienced damage during the hurricane to her property. She wants to continue staying in her home but is having a difficult time having her insurance or Fema cover the repairs. She has had family help her with some minor repairs and choose to clean her place up by herself. She lost half of her home and the insurance and Fema will not cover that portion of the house. At this point she is unsure of how the repairs will be made as she does not have the funding to make the repairs herself. For her the main objective is to have the repairs done but unsure how to accomplish this.



The third person I spoke with rents his property. His laundry room collapsed, and it took about a month for the landlord to repair the damages. He was using other people’s laundry facility and living in the damaged house while the repairs were made. He seems satisfied with staying in his current location and does not see a problem with his situation now. He was unsure if the property owner will sell or just continue to rent the property at this point. He seems satisfied with the way things have been handled and is not in immediate need for a property.



· Reflect.



I learned it really depends on the persons motivation for wanting to sell or buy a property. I have learned that the need for a property isn’t necessary as much as a motivating factor as the repairs to the current property are. Some people seem comfortable with staying in their property and just want to be able to get the property repaired but may not have the funds or resources. It seems if the repairs have been completed the motivation for moving may not be as serious. While some that have repairs needed would consider selling their property as is and that is when a need is created for a property where lack of inventory of housing then becomes the problem.



· Summarize.



I think there is a need for housing in the Panama City area it just completely depends on the persons motivation for wanting to move. I found that damages to property are a problem for many that encountered the hurricane. I see that many people do not know what to do about having the repairs done or acquiring the funding to complete these repairs.



I believe there may be an opportunity to find assistance for those that need home repairs, possibly from investors. I think certain people would move from their homes in search of a home that was already repaired if they had the funding as well. I’m seeing funding is a problem and repairs is an immediate problem for several people that suffered property damage during the hurricane.



I think entrepreneurs should adapt to their client’s feedback or look in other places for potential opportunities. If you find out most of your potential clientele do not need your service than you will need to adapt to solve their problem. On another base you could speak with other potential clientele that do in fact have the problem that your service provides and find out how to better serve their needs. It also helps to think about the other end of who will be paying for this service or how it could be beneficial for your clients to pay for your service.